High rates taking a toll

One theme in wealth managers' earnings reports this month was pressure on bottom lines from high interest rates.

It may have taken clients a while to catch on. But many are finallying seeing they can secure better returns by moving cash out of low-yielding deposit accounts.

Wealth managers that had benefited from being able to lend that money out at high rates are starting to feel the pain. Charles Schwab perhaps has the most to lose. But Wells and Morgan Stanley have similar concerns.

All the more reason for some to hope the Fed will start cutting rates this fall.